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A Partnership is likely one of the most vital types of a enterprise group, the place two or extra individuals come collectively to type a enterprise and divide the income thereof in an agreed ratio. A partnership is simple to type, and the compliance is minimal as in comparison with firms.
Indian Partnership Act, 1932 governs the partnerships. Registration of partnership companies is non-obligatory and on the discretion of the companions.
Registration of partnership companies could be performed at any time – earlier than beginning a enterprise or anytime in the course of the continuation of partnership.
It’s at all times advisable to register the agency since a registered agency enjoys particular rights which aren’t accessible to the unregistered companies.